JPMorgan Chase to spend $12bn on tech this year
$JPMorgan(JPM.US$ JPMorgan Chase will spend more than $12 billion on technology in 2022, contributing to an eight per cent rise in expenses that could hurt the bank's profitability targets.
Reporting fourth quarter results, JPMorgan set out technology spending plans that will see it use "microservices architecture, cloud and modern engineering practices to accelerate software
development". The bank is also betting big on AI and machine learning to get more value out of its data and stressing its commitment to cybersecurity.
development". The bank is also betting big on AI and machine learning to get more value out of its data and stressing its commitment to cybersecurity.
James Shanahan, an analyst with Edward Jones, told the Financial Times that the $12 billion technology spending is an "astonishing number" that "probably blows away the cumulative dollar value of investment of all the fintechs in the world that are trying to disrupt them".
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bwjx : Capital expenditure on IT infrastructure is necessary for long term growth. I don't see it as a bad news for the company.